Cryptocurrency exchange OKX has been awarded a provisional virtual assets (VA) license in Dubai, according to a press release on Thursday.

The license, issued by the Dubai Virtual Assets Regulatory Authority (VARA), will allow OKX to provide trading services to investors in the United Arab Emirates (UAE).

The Seychelles-based company also announced plans to open a regional hub in Dubai to expand the reach of cryptocurrencies in the region.

“The MENA region is one of the fastest growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem,” said OKX General Manager Lennix Lai, who added that the company will continue “innovating for the future in a regulated framework.”

In February, UAE’s Securities and Commodities Authority (SCA) announced that it was allowing Virtual Asset Service Providers (VASPs) to establish entities in the country as it looked to become a global crypto hub.

FTX became the first exchange to secure a license in March, before Kraken was awarded a license in April.

OKX is one of the largest crypto exchanges by trade volume, it also has more than 20 million global customers.

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